Cash flow strategies: Here are 3 tips that you can implement into your business today to gain more cash flow.
Buckle up, we’re going to learn cash flow strategies.
Welcome to The Love of Business. I’m Crystal.
And I’m Sunshine. Let’s get to it.
Cash flow strategies?
You got it.
Yeah. I’m going to need to hear a lot more about that.
When we are talking about cash flow strategies, we are talking about the flow of money in and out of the business.
So, for example, when you are bringing on new customers, they pay you money. So, that’s money in. But let’s say you have some vendors or suppliers that you have to pay, that’s money out. So, the goal here is to maximize money in more frequently and increase that in terms of the money going out to be less.
I really like the sound of this, Crystal. Can you give us some more examples of ways to do this?
3 ways to maximize your cash flow
So, some easy and great powerful ways to maximize your cash flow would be:
- Increase your pricing. Right there, you will have money in the door straight away.
- Increase your conversion rate. So, maybe get some sales training, put some sales scripts in play.
- Have a system to collect outstanding payments. So, these are people that owe you money and you want to make sure that you have a system, maybe your receptionist or assistant calls them every week, or send them a reminder. And the last thing you can do is when someone is owing you money, change your terms, lessen them. And what I mean by that is instead of sending out a bill that is due within 15 days, make it 10 days. Make it 5 days. Make it payable upon receipt.
Those all sound really great, Crystal. Thank you so much for sharing that with us.
What’s your number one takeaway from today’s video? Leave us a comment. And thanks for watching.
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